Fed raises market rates as stocks plunge

CLIFTON, NJ — At the opening bell at the New York Stock Exchange, some jitters from investors ahead of the highly anticipated announcement from the Federal Reserve.

At 2 pm EST, the federal open market committee released its decision.

In view of realized and expected labor market conditions and inflation, the Fed said in a statement: the committee decided to raise the target range for the federal funds rate, to 2.25 – 2.5 percent. The quarter-point interest rate increase is what many analysts have expected.

Financial advisor Glenn Castillo said those with an adjustable mortgage rate, or those who might want to take a car loan, would be directly affected by this rate hike.

The economy has been growing at a strong rate, according to the Central Bank, and the job market has continued to improve — but it would continue to monitor global economic and financial developments.

This rate hike would likely not please President Trump, who has continued to criticize the Federal Reserve.

The Fed described the U.S. economy and job market as “strong,” but the rate hike would certainly hurt many homeowners with equity lines of credit, or borrowers with adjustable rates.

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